Dow closes more than 200 points lower for fourth straight day of losses, dragged down by Disney – CNBC because Democrat policies and Biden are a mess. https://t.co/UxSBweuAEN

— Stephen Alter (@StephenAlter4) May 11, 2023

Retail money market funds have been aggressively rising

Past occurrences led to a recession during:

– Dot Com bubble
– Financial Crisis
– C19 pic.twitter.com/1WXeNFXsze

— Game of Trades (@GameofTrades_) May 11, 2023

Fed lending to the banking system through the discount window and BTFP rose $11 billion on Wednesday from a week earlier (around 14%)

Cumulative Fed extensions to banks + FDIC-related entities + foreign CBs reached the lowest level since the SVB failure https://t.co/gA6pZdWqrB pic.twitter.com/5Nv37fmO0y

— Nick Timiraos (@NickTimiraos) May 11, 2023

🇺🇸 #Fed had $92.4 billion of loans outstanding to financial institutions through two backstop lending facilities in the week through May 10, compared with $81.1 billion the previous week, according to data published Thursday – Bloomberg pic.twitter.com/NnagXypx2W

— Christophe Barraud🛢🐳 (@C_Barraud) May 12, 2023

Weekly Initial Unemployment Claims increase to 264,000https://t.co/JUCCdVtbVy pic.twitter.com/jar54alCGb

— Bill McBride (@calculatedrisk) May 11, 2023

JPMORGAN: “.. today’s jobless claims reading .. hints at potentially more abrupt slowing. If sustained for the month of May, the %3m/3m change will have surged to 17.4% — a jump that would clearly put it in the range only seen in recessions over the past half-century.” 👀 pic.twitter.com/bj8aXvccQg

— Carl Quintanilla (@carlquintanilla) May 11, 2023

PPI surprising to the downside as we projected in the US.

Final demand PPI at 2.3% now, which points to US CPI BELOW 3% already in 2 months from now.

Very very benign news.

Inflation hawks are getting silenced these weeks!

More -> https://t.co/GbHZIS3WyY pic.twitter.com/UxztJ8joVC

— AndreasStenoLarsen (@AndreasSteno) May 11, 2023

After Thursday's PPI release, forecasters now expect the following m/m April core PCE print

Omair Sharif: +0.26%
Goldman: +0.29%
JPM: +0.3%
UBS: +0.33%
Morgan Stanley: 0.35%

These would translate to a 4.6% YoY increase, the same as March

— Nick Timiraos (@NickTimiraos) May 11, 2023

The Atlanta Fed wage tracker shows wage growth for the three months ended April was up 6.1% from the year earlier period, down from 6.4% for the three months ended March https://t.co/fjT7EM7kIY pic.twitter.com/PCwBfp1XWX

— Nick Timiraos (@NickTimiraos) May 11, 2023

https://twitter.com/MikaelSarwe/status/1656566830796791808

Minneapolis Fed President Neel Kashkari says price pressures remain too hot, even as officials assess the imprint that banking strains are having on the US economy https://t.co/9l1v4HeOr4

— Bloomberg (@business) May 11, 2023

Fed governor Christopher Waller says he doesn't see a need for the Fed to monitor big banks' climate related risks:

"Risks posed by climate change are not sufficiently unique or material to merit special treatment relative to others."https://t.co/ueWOdRiqaN pic.twitter.com/JUm59NQHiL

— Nick Timiraos (@NickTimiraos) May 11, 2023

Top Fed official warns additional rate hike may be necessary #SocialMedia #News #BreakingNews https://t.co/atQMJjAqsl

— US Burning (@UsBurning) May 12, 2023

🇺🇸 #Biden’s Debt Ceiling Meeting With McCarthy Pushed to Next Week – Bloomberghttps://t.co/RDTlfaB30h

— Christophe Barraud🛢🐳 (@C_Barraud) May 12, 2023

Treasury Secretary Janet Yellen says failure to avoid a looming federal government default would undermine Washington’s ability to provide international leadership and defend US national security https://t.co/6GXpPAk7I0

— Bloomberg (@business) May 11, 2023

U.S. national security adviser Jake Sullivan sat down with China’s top diplomat for two days of what the White House called "substantive and constructive” meetings. https://t.co/ULLi9DPA9Z

— The Japan Times (@japantimes) May 12, 2023

There is no sign of anomalies in the Hong Kong dollar market, the HKMA spokesperson responds.
Some said two HK note-issuing banks borrowed large sums from peers amid funds moving HQs to SG via a Singaporean bank, boosting the Hibor.-HKET$HKDUSD $HSI https://t.co/SXKAbiaHKJ

— CN Wire (@Sino_Market) May 12, 2023

賃上げ率31年ぶり高水準　3.89%、ベア実施9割 23年本社調査- 日本経済新聞 https://t.co/S67OyYmb3X pic.twitter.com/rACcl9mz9i

— 清水功哉（日本経済新聞） (@IsayaShimizu) May 12, 2023

Japan Core CPI Likely Re-Accelerated In April Despite Energy Subsidies – RTRShttps://t.co/F91IfvTR6P

— LiveSquawk (@LiveSquawk) May 12, 2023

Analysis:China's deposit pile stands in the way of recovery https://t.co/gNqdKjzKr7 pic.twitter.com/OSW6ZJBpo2

— CNA (@ChannelNewsAsia) May 11, 2023

🇨🇳 #China M1 money supply (usually a leading indicator) rose 5.3% YoY in April (v +5.1% YoY prior)
*Real M1 (adjusted for CPI) rose 5.2% YoY in April (fastest since April 2021 ⚠) pic.twitter.com/8i8io7Z6rQ

— Christophe Barraud🛢🐳 (@C_Barraud) May 11, 2023

A former Korean central banker known as “the dove” who called for interest-rate cuts into uncharted territory during the pandemic has changed his tune https://t.co/noRQFFq9hp

— Bloomberg (@business) May 12, 2023

China, Australia Trade Ministers Meet In Beijing To Ease Dispute – BBGhttps://t.co/MtEqwGZhPs

— LiveSquawk (@LiveSquawk) May 12, 2023

China’s foreign minister Qin Gang to visit Australia in July for ‘reciprocal visit’ as Beijing-Canberra ties ease
Everyone wants to engage? https://t.co/tuDFolHYkr

— Paul Triolo (@pstAsiatech) May 12, 2023

G-7 finance chiefs to add new supply-chain proposal in statement https://t.co/FnReJLeEFL via @KowalczeKamil @erica_yokoyama pic.twitter.com/bEt5wuD9i4

— Zoe Schneeweiss (@ZSchneeweiss) May 12, 2023

GDP fell 0.3% in March 2023 but grew 0.1% across Quarter 1 (Jan to Mar) 2023 as a whole.

➡️ https://t.co/iYul07EYRr pic.twitter.com/c2PFJdcPhB

— Office for National Statistics (ONS) (@ONS) May 12, 2023

UK economy delivers a small gain in the first quarter despite strikes https://t.co/Ejfcch826Q via @tomelleryrees @PhilAldrick pic.twitter.com/GCCjf49kss

— Zoe Schneeweiss (@ZSchneeweiss) May 12, 2023

ECB’s Push To Raise Borrowing Costs Runs Up Against Wall Of Cash – BBGhttps://t.co/aOAqi66btK

— LiveSquawk (@LiveSquawk) May 12, 2023

ECB’s Nagel says nothing off the table for September meeting https://t.co/ziRx5Q9xEo via @EngleTV @Alemrome pic.twitter.com/CJ274gHRBs

— Zoe Schneeweiss (@ZSchneeweiss) May 11, 2023

Lagarde says the ECB’s fight against elevated inflation isn’t overhttps://t.co/9RpqwrXDck via @grey_whistle pic.twitter.com/YeWXEHcDPe

— Zoe Schneeweiss (@ZSchneeweiss) May 11, 2023

Guindos says more ECB rate hikes possible, size depends on data https://t.co/ZbNS1i0ZiO via @alonsosotoj pic.twitter.com/N7xBkJiBiY

— Zoe Schneeweiss (@ZSchneeweiss) May 12, 2023

Bailey signals the BOE may pause rate hikes if UK inflation slows https://t.co/G9kBK5Bbrx via @tomelleryrees @GuyJohnsonTV pic.twitter.com/QIajo3E76Z

— Zoe Schneeweiss (@ZSchneeweiss) May 11, 2023

🇩🇪Germany Sees $77 Billion Less Federal Tax Income Than Expected: BN

— Cable FX Macro (@cablefxmacro) May 11, 2023

Sunak’s Tories spy chance of income tax cut if workers return https://t.co/XAyldDp0EG via pic.twitter.com/uJHQbYmQlY

— Zoe Schneeweiss (@ZSchneeweiss) May 11, 2023

French President Emmanuel Macron unveils steps to spur a reversal of the country’s industrial decline https://t.co/uBTnIqVHsf

— Bloomberg (@business) May 11, 2023

EU Suggests Limits on Its Approach to US-China Rivalry https://t.co/JPnPvhJEMa #EU #EC #EurPar #EEC #SCO #BRICS #ASEAN #SCO #NDB #BRI #SPFS #CIPS #FreeJulianAssange #DropTheCharges #Congress #Senate #House #PressFreedomsMatter #FreeJulian

— Dr. Donald G. Boudreau (@boudreaudr1) May 12, 2023

EU Says China Will Take Advantage Of Russian Defeat In Ukraine – FThttps://t.co/Gkw9bctGhP

— LiveSquawk (@LiveSquawk) May 12, 2023

⚠ #WeekAhead: Week 19 (2023) ⚠

🇺🇸 U.S. CPI
🇺🇸 🇨🇦 U.S. and #Canada Senior Loan Officer Opinion Surveys
🇺🇸 Debt Ceiling Discussions
🇬🇧 #BOE Meeting
🇨🇳 #China CPI & PPI
…https://t.co/DWfeT1Wd2W

— Christophe Barraud🛢🐳 (@C_Barraud) May 8, 2023